FAQ

payday loans loan

How do I qualify for a Spotloan?

To apply for a Spotloan, you’ll need:

  • A job or other regular source of income
  • A checking or savings account
  • A valid email address and phone number
  • To be at least 18 years old

Once you apply for a Spotloan, we’ll be able to tell you whether or not you qualify for a Spotloan.

Where are Spotloans available?

Spotloans are currently available to residents of all states except Arkansas, Colorado, Connecticut, District of Columbia, Maryland, Massachusetts, Minnesota, New Hampshire, New York, North Dakota, Pennsylvania, Vermont and West Virginia.

When will I know if my Spotloan is approved?

As soon as you fill out your application online, we’ll give you a call to finalize everything. Your Relationship Manager will be able to tell you right away whether you qualify for a Spotloan.

How long does the process take?

The application process is fast. Most people complete the process in about 10 minutes.

Why do you need to call me?

We give you a call so that we can answer any questions you may have while you’re completing the loan process. After you fill out an online application, a Relationship Manager will call you to finalize everything, let you know whether you qualify for a Spotloan, and answer any questions you may have.

When do I get my money?

Your loan will be deposited into your bank account overnight, and usually arrives within 24 hours.

What is the interest on a Spotloan?

Our maximum interest rate is 390%. Annual

Percentage Rate (or APR) expresses the cost of the loan as a percentage of the amount borrowed converted to an annual rate.

How do Spotloans compare to payday loans?

Spotloans and payday loans are completely different. Spotloans are short-term installment loans, which means you pay back your loan over time. As you make these payments, you pay down both the interest and principal until the loan is paid off. And you can pay your loan off early with no prepayment penalties.

On the other hand, payday loans are fixed loans. When the loan term is up, usually within two weeks, you need to pay back the entire amount. If you don’t have that money available, you can rollover the loan for another two weeks (or whatever your loan period is). This racks up additional fees and gets expensive fast.

How do I decide if a Spotloan is right for me?

Only you can decide if a Spotloan is right for you.

Banks, credit cards, or even friends and family may be able to offer you better loan terms. We encourage you to check with them before you apply for a Spotloan.

How can I make a payment?

We’ve got lots of options! Here’s a breakdown:
  • Automatic Debit Automatic debits from your bank account are the easiest way to make sure your payments are made on time. Call us at 1-888-681-6811 to set it up.
  • Checks and Money Orders To make a payment by check or money order, mail it to our mail processor:

What if I can’t make my next payment?

Source: www.spotloan.com

Category: Payday loans

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